St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1887-06-15
Pandemonium Reigned Supreme on the
Chicago Board of Trade During
Yesterdays Sessions.
The Great Clique Went to Pieces and
June Wheat Took a Tumble of
About 20 Cents.
Resented & Go. Forced to Suspend and
Other Houses Also Crushed Out
of Existence.
Transactions in the Financial Circles
of Wall Street.-The Gen.
eral Markets.

CHICAGO, June 14.-The calm of Yesterday
on the Chicago board of trade was followed
by whirlwind of excitement this morning
Traders hadiust nicely caught their breath
and Steadied their nerves after the break of
Saturday when the second cyclone came. 1t
was the wheat pit scare of Saturday enlarged
and intensified. The liberal taking of July
wheat yesterday by the clique made that flu
ture steady at or about SAC per bushel Out
side traders talked themselves into the belief
that the coordination permitted the sharp de-
cline on Saturday for a purpose, and that
they were aboutito buy up July wheat, as
they have already done May and June. Many
became "tailers.'' The scalpers became act
i've, and il looked as if the worst were past
and the lowest point for July had been
reached when the SC drop of Saturday oc
Cured. But
THE OUTSIDE FORCES
were at work for the bears. Thousands of
cars Standi ng on side tracks, elevators all
filled TO bursting, tremendous receipts re-
ported and everything pointing to more
wheat, millions more. in the near future
such were the conditions when the traders
went on change this morning. For the first
offerings of July wheat there were no takers.
1t was offered under the supposed market;
still no takers. The fears that took hold
upon tile DullS at the close Oh last week AGAIN
made them quake. The uproar grew intense
in a wild effort to sell wheat. July dropped
from S3S4c to S2c, while men were think
ing what to do. Every one wanted to un-
load, but no one wanted wheat In less
time than it takes to tellthe story July wheat
was offered at S0$4e, or SC less than the clos
ing price yesterday. TWAS short storm,
but terrible i'll its effects on the crowd.
Traders crawled out of the pit dripping with
perspiration and weak from excitement
There was talk of failures, but none were an
nounced to add to the feyerish
condition of things. Then for an
hour there was a slight rally, and the
leading future. July sold up to S1lac. This
was but lull in the storm At IL a. m. the
indicator for July showed that il was again
selling down. and in fifteen minutes it was
offered at 79c-4s4c below the opening an
hour before. Then came the third tumble at
the noon hour, and July wheat sold down to
76l2c, or 7l4c below the opening price. The
entire board was little less than pande-
monium. The bears declared it just retri-
button of the bulliSh wheat manipulators
Rumors reached here that there was a run on
the bank in Cincinnati where the supplies of
the clique were supposed to be deposited
The Chicago banks it was said. refused to
advance any more money on wheat, and late
i'll the session it was stated that the cheeks of
some of the parties on the '.long" side had
been refused. At12 80 came
THE STARTLING ANNOUNCEMENT
that all persons having trades with Rosen-
field d Co., one of the clique houses, should
close them at once. The Iprour had not sub
sided when July wheat took the fourth and
worst turn of the day. and dropped for
moment to 74c, and closed the morning ses-
sion at 7414c. Trouble was expected on
margins at Kershaws. and the crowd was
ready for anything short OF an earthquake.
Throngs of people rushed in from the streets,
and the gallery was filed with an excited
throng OF men and women. Itwas morn
ing session to be remembered as long as
wheat grows. The intermissiGn at l O'Clock
gave the members chance to catch their
breath, and when the afternoon session was
called the excitement had somewhat abated
AT p. m. it was officially announced that
Z. NJ. Bailey d Co. and Hammill d. Brine
requested all parties having trades
with them to close them out at once
The instant this announcement twas made
July wheat dropped to 73iac, but soon re-
covered and went back to 74c. Five min
utes later Secretary Stone raped the tumul
tous crowd to order and read the following
from the leading clique house of c. j. Ker
shaw d Co.: I'VE have assurance that mar
gins and ample funds Will be forthcoming by
tomorrow morning, and we request that no
trades be closed OUT This was received
with cheers and in few minutes July wheat
was selling at 7515c The lowest figures
touched by July wheat during the day was
I0l4c under yesterdays close. Although the
chief excitement of the day was in July, yet
June wheat sold with the widest fiuctla-
lions, from 92c down to 90e, up to Ole. and
Ihen by jumps down to 73c, when slight re-
action occurred.
LOWEST FIGURE TOUCHED BY JUNE
was about zoe below yesterdays closing
price. June closed at 7414c. The deferred
futures declined less sharply, but during the
morning dropped about 2l2c for August and
September. Corn was active and weak and
trptuqtinnS showed 70
than for some days. Several lines of '.long''
rame on the market, which, with the heavy
decline in wheat, had a depressing effect,
and values ruled weak The market opened
at about the closing figures of yes
terday, declined. with slight fluctuations, lie,
and closed sac lower than yesterday. July
opened at 3Sc and closed at 81 Ssc. Oats,
owing to the excitement IN wheat received
but little attention. Considerable business
was transacted i'll the provision market and
the feeling was greatly unsettled. The fall
vance in prices caused a stronger feeling
early, and sales of products were made at
higher prices. The break in prices of grain,
however, caused considerable nervousness, I
and offerings were very liberal and caused a
marked reduction in prices July lard
opened at S6.67la and sold down to So 60.
July ribs opened at S772l2 and sold up to
S715 and closed at 1855.
THE QUOTATIONS.
= The leading futures ranged as follows:
Wheat-No. 2 June, 92e, closing at 74a4c;
July, S3a4c, closing at 75lsc; August,
S7s4c; closing at 76s4c; September 7Ss4c,
closing at 77$4c. Corn-No. 2 June, SIC,
closing at 36c; July, 3Sc, closing at 37c;
August, SOC, closing at 3Sc; September,
397sc. closing at 39e. Oats-No. 2 June
o4Ssc, closing at 24s4c; July, 24s4c, clos
ing at 2534c: August, 24ssc, closing at 247sc
September. 2478c, closing at 24s4c. Mess Pork
Per Dbl; June, So, closing at So. Lard
July. s6:67ll2, closing at $500; August
S6s7l2 closing at s6,77la; Short Ribs-Per
100 lbs. June, S7.72i2 closing at $3.50;
July, S772Is, closing at S7.55; Au-
gust, $3.50, closing Hat S7.65 il Sep
Jember, S7l97f2, closing at $50.
Cash quotations were as follows: Flour
nothing doing. Wheat - No. 8 spring.
T3c: No. red 74c. Corn-No. 2, 36la
D36ssc. Oats-No. 2, 244@25c. Rye
No. 9, soc. Barley-No. 2, 59e Flax Seed
No 1, SIl6 Timothy Seed-Prime, $1.93
M194 tMess pork, per Dbl, sol. Lard, per
100 lbs. SC. 52l26a6.65. Short ribs sides, loose,
S7.4507.5O; dry saited shoulders, boxed,
S5.6O05. 20; short clear sides, boxed, $500
SIS. Whisky-Distillers finished goods, per
gallon, S1.10. Receipts-Flour, $4,000
bbls; wheat, 296, 600 Blu; corn, $4,000
bu: oats, IDS, 900 bu: rye, 1000 bu; bar
ley. 6,oo0 bu. Shipments-Flour, $4,000
bbls; wheat, a, 600 -bu; corn, 1000 bu;
rats, 5000 blu; barley, COCO bu. On
the produce exchange to-day the butter
market was firm, with good demand; cream
cry 1461ISc; dairy, 12@16c. Eggs steady
at 13@14l2c.
r. M. NEWPORT & SON,